wiktionary
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From spice + -y, attested since the 16th century.
etymonline
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spicy (adj.)
1560s, from spice (n.) + -y (2). In reference to flowers, breezes, etc., "sweet-smelling," from 1640s. Figurative sense of "racy, salacious" dates from 1844. Related: Spiciness.
